Archived - Statement by Minister of Finance on Implementation of G7 Plan of Action

Ottawa,
October 13, 2008
2008-079

Archived - Statement by Minister of Finance on Implementation of G7 Plan of Action

Archived information

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The Honourable Jim Flaherty, Minister of Finance, issued the
following statement:

"I strongly welcome the Plan of Action by G7 countries
to stabilize financial markets and restore the flow of credit,
to support global economic growth.

"I was proud to be part of this historic meeting, which
focused on solutions and implementing a principles-based plan.

"I applaud the decisive actions taken yesterday by Euro
Area leaders, which will lead to timely, significant and
co-ordinated implementation of the G7 agreement.

"In Canada we will continue to work in a co-ordinated
fashion with our G7 partners and take appropriate actions to
support our financial system, including whatever steps are
necessary to ensure that Canada's financial system is not put
at a competitive disadvantage.

"In Canada we are very fortunate that our financial
system is strong. This is a competitive advantage that we will
protect.

"We will never allow our financial system, which has
been ranked as the soundest in the world, to be put at risk by
global events.

"Last week, the Government responded to the continuing
disruption on global credit markets that originated in other
countries by announcing plans to purchase up to $25 billion
in insured mortgage pools to help financial institutions raise
longer term funds and make them available to consumers,
homebuyers and businesses in Canada.

"Similarly, the Government stands ready to take
appropriate action to avoid unintended consequences from policy
measures by other countries that would put wholesale borrowing
in Canada at a competitive disadvantage.

"Government actions will continue to be fiscally
responsible and protect taxpayers."

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